Bumper day for cuts, three slash by record margin

The European Central Bank (ECB), the Riksbank and the Reserve Bank of New Zealand backed the biggest rate cuts in their history on Thursday, highlighting the pace at which the threat of a global depression has risen.

The ECB cut by 75 basis points, the Riksbank by 175 basis points and New Zealand by 150 basis points. Denmark, whose krona is pegged to the euro, matched the ECB's move and cut by 75 basis points to 4.25%.

Jean-Claude Trichet, the president of the European Central Bank, said the d